UK Government keen to extend life of North Sea oil production
The UK government has commissioned a review into the “unprecedented challenges” facing extension of the North Sea’s oil production.
The review has been put in place by secretary of state for energy and climate change, Ed Davey, and will be led by former Wood Group owner, Sir Ian Wood.
The review will investigate the requirements to upgrade infrastructure, improve efficiency and attempt to mitigate falling exploration and production rates.
Mr Davey commented “although we have produced a lot of barrels in the North Sea, there is an awful lot there still to be produced as well. All these challenges need to be addressed if we are going to get the maximum economic benefit from the UK.”